Financial Innovation and Technology for the 21st Century Act
This bill establishes a regulatory framework for digital assets.
The Commodity Futures Trading Commission (CFTC) must regulate a digital asset as a commodity if the blockchain, or digital ledger, on which it runs is functional and decentralized. The bill classifies a blockchain as decentralized if, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset. In addition, the bill provides the CFTC with exclusive regulatory authority over cash or spot markets for digital commodities.
The Securities and Exchange Commission (SEC) must regulate a digital asset as a security if its associated blockchain is functional but not decentralized. However, the bill establishes certain exceptions to SEC regulation for digital assets that limit annual sales, restrict nonaccredited investor access, and satisfy disclosure and compliance requirements. The bill also sets forth requirements for primary and secondary market transactions.
The CFTC and SEC must jointly issue rules to define terms and exempt dually registered exchanges from duplicative rules.
Financial Innovation and Technology for the 21st Century Act
This bill establishes a regulatory framework for digital assets.
The Commodity Futures Trading Commission (CFTC) must regulate a digital asset as a commodity if the blockchain, or digital ledger, on which it runs is functional and decentralized. The bill classifies a blockchain as decentralized if, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset. In addition, the bill provides the CFTC with exclusive regulatory authority over cash or spot markets for digital commodities.
The Securities and Exchange Commission (SEC) must regulate a digital asset as a security if its associated blockchain is functional but not decentralized. However, the bill establishes certain exceptions to SEC regulation for digital assets that limit annual sales, restrict nonaccredited investor access, and satisfy disclosure and compliance requirements. The bill also sets forth requirements for primary and secondary market transactions.
The CFTC and SEC must jointly issue rules to define terms and exempt dually registered exchanges from duplicative rules.
The bill excludes permitted stablecoins from CFTC and SEC regulation, except regarding anti-fraud authority and specified transactions on registered entities.
Res. 1243. (consideration: H3419–3463)
4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.
Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Casar amendment No. 1.
1, the Chair put the question on agreeing to the amendment and by voice vote, announced that the noes prevailed. Mr. Casar demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 2.
Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Norman amendment No. 3.
3, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Perry amendment No. 4.
4, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
On passage Passed by recorded vote: 279 - 136 (Roll no. 226). (text: CR H3432-3455)
279 - 136 (Roll no. 226). (text: CR H3432-3455)
Res. 1243 Reported to House. Rule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.
H. Rept. 118-484, Part I.
H. Rept. 118-484, Part I.
H. Rept. 118-484, Part II.
H. Rept. 118-484, Part II.